Zoom Video Communications, Inc. (NASDAQ: ZM), a platform delivering
limitless human connection, today announced financial results for
the fourth quarter and fiscal year ended January 31, 2024.
"In FY24, we unveiled Zoom AI Companion, our generative AI
digital assistant, aimed at boosting productivity, enhancing team
effectiveness, and fostering skill development across the Zoom
platform. We're committed to democratizing AI accessibility,
offering it to all our customers regardless of business size,
included at no extra charge with a paid license,” stated Eric S.
Yuan, Zoom's founder and CEO. "Our team is dedicated to
platform-wide innovation, introducing hundreds of new features,
including those for Zoom Contact Center, which redefine the gold
standard for customer experience. While delivering innovation for
our customers, we also drove robust profitability and grew free
cash flow, up 24.1% year over year to $1,471.9 million for the full
fiscal year, representing a free cash flow margin of 32.5%.”
Fourth Quarter Fiscal Year
2024 Financial Highlights:
- Revenue: Total revenue for the fourth quarter
was $1,146.5 million, up 2.6% year over year. After adjusting for
foreign currency impact, revenue in constant currency was $1,147.9
million, up 2.7% year over year. Enterprise revenue was $667.3
million, up 4.9% year over year, and Online revenue was $479.2
million, down 0.5% year over year.
- Income (Loss) from Operations and Operating
Margin: GAAP income from operations for the fourth quarter
was $168.5 million, compared to GAAP (loss) from operations of
$(129.9) million in the fourth quarter of fiscal year 2023. After
adjusting for stock-based compensation expense and related payroll
taxes, litigation settlements, net, acquisition-related expenses,
and restructuring expenses, non-GAAP income from operations for the
fourth quarter was $443.7 million, compared to non-GAAP income from
operations of $404.8 million in the fourth quarter of fiscal year
2023. For the fourth quarter, GAAP operating margin was 14.7% and
non-GAAP operating margin was 38.7%.
- Net Income (Loss) and Diluted Net Income (Loss) Per
Share: GAAP net income attributable to common stockholders
for the fourth quarter was $298.8 million, or $0.95 per share,
compared to GAAP net (loss) attributable to common stockholders of
$(104.1) million, or $(0.36) per share in the fourth quarter of
fiscal year 2023.Non-GAAP net income for the fourth quarter was
$444.0 million, after adjusting for stock-based compensation
expense and related payroll taxes, litigation settlements, net,
(gains) losses on strategic investments, net, acquisition-related
expenses, restructuring expenses, income tax benefits from discrete
activities, undistributed earnings attributable to participating
securities, and the tax effects on non-GAAP adjustments. Non-GAAP
net income per share was $1.42. In the fourth quarter of fiscal
year 2023, non-GAAP net income was $366.6 million, or $1.22
per share.
- Cash and Marketable Securities: Total cash,
cash equivalents, and marketable securities, excluding restricted
cash, as of January 31, 2024 was $7.0 billion.
- Cash Flow: Net cash provided by operating
activities was $351.2 million for the fourth quarter, compared to
$211.6 million in the fourth quarter of fiscal year 2023, up 66.0%
year over year. Free cash flow, which is net cash provided by
operating activities less purchases of property and equipment, was
$332.7 million, compared to $183.3 million in the fourth
quarter of fiscal year 2023, up 81.5% year over year.
Full Fiscal Year 2024
Financial Highlights:
- Revenue: Total revenue for the fiscal year was
$4,527.2 million, up 3.1% year over year. After adjusting for
foreign currency impact, revenue in constant currency was $4,561.3
million, up 3.8% year over year. Enterprise revenue was $2,619.3
million, up 8.7% year over year, and Online revenue was $1,907.9
million, down 3.8% year over year.
- Income from Operations and Operating Margin:
GAAP income from operations for the fiscal year was $525.3 million,
compared to GAAP income from operations of $245.4 million for
fiscal year 2023. After adjusting for stock-based compensation
expense and related payroll taxes, litigation settlements, net,
acquisition-related expenses, and restructuring expenses, non-GAAP
income from operations for the fiscal year was $1,774.9 million,
compared to non-GAAP income from operations of $1,579.1 million for
fiscal year 2023. For the fiscal year, GAAP operating margin was
11.6% and non-GAAP operating margin was 39.2%.
- Net Income and Diluted Net Income Per Share:
GAAP net income attributable to common stockholders for the fiscal
year was $637.5 million, or $2.07 per share, compared to GAAP net
income attributable to common stockholders of $103.7 million, or
$0.34 per share for fiscal year 2023.Non-GAAP net income for the
fiscal year was $1,608.0 million, after adjusting for stock-based
compensation expense and related payroll taxes, litigation
settlements, net, (gains) losses on strategic investments, net,
acquisition-related expenses, restructuring expenses, income tax
benefits from discrete activities, undistributed earnings
attributable to participating securities, and the tax effects on
non-GAAP adjustments. Non-GAAP net income per share was $5.21. In
fiscal year 2023, non-GAAP net income was $1,329.0 million, or
$4.37 per share.
- Cash Flow: Net cash provided by operating
activities was $1,598.8 million for the fiscal year, compared to
$1,290.3 million for fiscal year 2023 up 23.9% year over year. Free
cash flow, which is net cash provided by operating activities less
purchases of property and equipment, was $1,471.9 million, compared
to $1,186.4 million for fiscal year 2023 up 24.1% year over
year.
Customer Metrics: Drivers of total revenue
included acquiring new customers and expanding across existing
customers. At the end of the fourth quarter of fiscal year 2024,
Zoom had:
- approximately 220,400 Enterprise customers, up 3.5% year over
year.
- a trailing 12-month net dollar expansion rate for Enterprise
customers of 101%.
- 3,810 customers contributing more than $100,000 in trailing 12
months revenue, up approximately 9.8% from the same quarter last
fiscal year.
- online average monthly churn of 3.0% for the fourth quarter,
down 40 bps from the same quarter last fiscal year.
- Finally, at the end of the fourth quarter, the percentage of
total Online MRR from Online customers with a continual term of
service of at least 16 months was 74.2%, up 220 bps year over
year.
Financial Outlook: Zoom is providing the
following guidance for its first quarter of fiscal year 2025 and
its full fiscal year 2025.
- First Quarter Fiscal Year 2025: Total revenue is expected to
be approximately $1.125 billion and revenue in constant
currency is expected to be approximately $1.125 billion.
Non-GAAP income from operations is expected to be between $410.0
million and $415.0 million. First quarter non-GAAP diluted EPS is
expected to be between $1.18 and $1.20 with approximately 316
million non-GAAP weighted average shares outstanding.
- Full Fiscal Year 2025: Total revenue is expected to
be approximately $4.600 billion and revenue in constant
currency is expected to be approximately $4.597 billion. Non-GAAP
income from operations is expected to be between $1.720 billion and
$1.730 billion. Full fiscal year non-GAAP diluted EPS is expected
to be between $4.85 and $4.88 with approximately 321 million
non-GAAP weighted average shares outstanding. Full fiscal year free
cash flow is expected to be between $1.440 billion and $1.480
billion.
The EPS and share count figures do not include the impact from
the share repurchase authorization discussed below.
Additional information on Zoom's reported results, including a
reconciliation of the non-GAAP results to their most comparable
GAAP measures, is included in the financial tables below. A
reconciliation of non-GAAP guidance measures to corresponding GAAP
measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future, although it is important to note that these
factors could be material to Zoom's results computed in accordance
with GAAP.
A supplemental financial presentation and other information can
be accessed through Zoom’s investor relations website at
investors.zoom.us.
Stock Repurchase Authorization: Zoom’s Board of
Directors has authorized a stock repurchase program of up to $1.5
billion of Zoom’s outstanding Class A common stock.
Repurchases of Zoom’s Class A common stock may be effected, from
time to time, either on the open market (including pre-set trading
plans), in privately negotiated transactions, and other
transactions in accordance with applicable securities laws.
The timing and the amount of any repurchased Class A common
stock will be determined by Zoom's management based on its
evaluation of market conditions and other factors. The repurchase
program will be funded using Zoom's working capital. Any
repurchased shares of Class A common stock will be retired. The
repurchase program does not obligate Zoom to acquire any particular
amount of Class A common stock, and the repurchase program may be
suspended or discontinued at any time at Zoom’s discretion.
Zoom Video Earnings Call
Zoom will host a Zoom Video Webinar for investors on
February 26, 2024 at 2:00 p.m. Pacific Time / 5:00 p.m.
Eastern Time to discuss the company’s financial results, business
highlights and financial outlook. Investors are invited to join the
Zoom Video Webinar by visiting: https://investors.zoom.us/
About Zoom
Zoom is an all-in-one intelligent collaboration platform that
makes connecting easier, more immersive, and more dynamic for
businesses and individuals. Zoom technology puts people at the
center, enabling meaningful connections, facilitating modern
collaboration, and driving human innovation through solutions like
team chat, phone, meetings, omnichannel cloud contact center, smart
recordings, whiteboard, and more, in one offering. Founded in 2011,
Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose,
California. Get more info at zoom.com.
Forward-Looking Statements
This press release contains express and implied “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding Zoom's financial
outlook for the first quarter of fiscal year 2025 and full fiscal
year 2025, Zoom’s market position, opportunities, and growth
strategy, product initiatives, including Zoom AI Companion, and
go-to-market motions and the expected benefits resulting from the
same, market trends, and Zoom's stock repurchase program. In some
cases, you can identify forward-looking statements by terms such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “project,” “will,” “would,” “should,” “could,”
“can,” “predict,” “potential,” “target,” “explore,” “continue,” or
the negative of these terms, and similar expressions intended to
identify forward-looking statements. By their nature, these
statements are subject to numerous uncertainties and risks,
including factors beyond our control, that could cause actual
results, performance or achievement to differ materially and
adversely from those anticipated or implied in the statements,
including: declines in new customers, renewals or upgrades, or
decline in demand for our platform, difficulties in evaluating our
prospects and future results of operations given our limited
operating history, competition from other providers of
communications platforms, the effect of macroeconomic conditions on
our business, including inflation and market volatility, lengthened
sales cycles with large organizations, delays or outages in
services from our co-located data centers, failures in internet
infrastructure or interference with broadband access, compromised
security measures, including ours and those of the third parties
upon which we rely, and global security concerns and their
potential impact on regional and global economies and supply
chains. Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those contemplated
by the forward-looking statements are included under the caption
“Risk Factors” and elsewhere in our most recent filings with the
Securities and Exchange Commission (the “SEC”), including our
quarterly report on Form 10-Q for the fiscal quarter ended October
31, 2023. Forward-looking statements speak only as of the date the
statements are made and are based on information available to Zoom
at the time those statements are made and/or management's good
faith belief as of that time with respect to future events. Zoom
assumes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
except as required by law.
Non-GAAP Financial Measures
Zoom has provided in this press release financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United States (“GAAP”). Zoom uses
these non-GAAP financial measures internally in analyzing its
financial results and believes that use of these non-GAAP financial
measures is useful to investors as an additional tool to evaluate
ongoing operating results and trends and in comparing Zoom’s
financial results with other companies in its industry, many of
which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP financial measures
and should be read only in conjunction with Zoom’s condensed
consolidated financial statements prepared in accordance with GAAP.
A reconciliation of Zoom’s historical non-GAAP financial measures
to the most directly comparable GAAP measures has been provided in
the financial statement tables included in this press release, and
investors are encouraged to review the reconciliation.
Non-GAAP Income from Operations and Non-GAAP Operating Margin.
Zoom defines non-GAAP income from operations as income from
operations excluding stock-based compensation expense and related
payroll taxes, acquisition-related expenses, restructuring
expenses, and litigation settlements, net. Zoom excludes
stock-based compensation expense because it is non-cash in nature
and excluding this expense provides meaningful supplemental
information regarding Zoom’s operational performance and allows
investors the ability to make more meaningful comparisons between
Zoom’s operating results and those of other companies. Zoom
excludes the amount of employer payroll taxes related to employee
stock plans, which is a cash expense, in order for investors to see
the full effect that excluding stock-based compensation expense had
on Zoom's operating results. In particular, this expense is
dependent on the price of our common stock and other factors that
are beyond our control and do not correlate to the operation of the
business. Zoom views acquisition-related expenses when applicable,
such as amortization of acquired intangible assets, transaction
costs, and acquisition-related retention payments that are directly
related to business combinations as events that are not necessarily
reflective of operational performance during a period.
Restructuring expenses are expenses associated with a formal
restructuring plan and may include employee notice period costs,
severance payments, and other related expenses. Zoom excludes these
restructuring expenses because they are distinct from ongoing
operational costs and Zoom does not believe they are reflective of
current and expected future business performance and operating
results. Zoom excludes significant litigation settlements, net of
amounts covered by insurance, that we deem not to be in the
ordinary course of our business. In fact, Zoom believes the
consideration of measures that exclude such expenses can assist in
the comparison of operational performance in different periods that
may or may not include such expenses and assist in the comparison
with the results of other companies in the industry.
Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and
Diluted. Zoom defines non-GAAP net income and non-GAAP net income
per share, basic and diluted, as GAAP net income attributable to
common stockholders and GAAP net income per share attributable to
common stockholders, basic and diluted, respectively, adjusted to
exclude stock-based compensation expense and related payroll taxes,
acquisition-related expenses, restructuring expenses, gains/losses
on strategic investments, net, litigation settlements, net, income
tax benefits from discrete activities, undistributed earnings
attributable to participating securities, and the tax effects of
all non-GAAP adjustments. Zoom excludes these items because they
are considered by management to be outside of Zoom’s core operating
results. These adjustments are intended to provide investors and
management with greater visibility to the underlying performance of
Zoom’s business operations, facilitate comparison of its results
with other periods, and may also facilitate comparison with the
results of other companies in the industry.
Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash
flow as GAAP net cash provided by operating activities less
purchases of property and equipment. Zoom considers free cash flow
to be a liquidity measure that provides useful information to
management and investors regarding net cash provided by operating
activities and cash used for investments in property and equipment
required to maintain and grow the business.
Revenue in Constant Currency. Zoom defines revenue in constant
currency as GAAP revenue adjusted for revenue reported in
currencies other than United States dollars as if they were
converted into United States dollars using the average exchange
rates from the comparative period rather than the actual exchange
rates in effect during the respective periods. Zoom provides
revenue in constant currency information as a framework for
assessing how Zoom's underlying businesses performed period to
period, excluding the effects of foreign currency fluctuations.
Customer Metrics
Zoom defines a customer as a separate and distinct buying
entity, which can be a single paid user or an organization of any
size (including a distinct unit of an organization) that has
multiple users. Zoom defines Enterprise customers as distinct
business units that have been engaged by either our direct sales
team, resellers, or strategic partners. All other customers that
subscribe to our services directly through our website are referred
to as Online customers.
Zoom calculates net dollar expansion rate as of a period end by
starting with the annual recurring revenue (“ARR”) from Enterprise
customers as of 12 months prior (“Prior Period ARR”). Zoom defines
ARR as the annualized revenue run rate of subscription agreements
from all customers at a point in time. Zoom calculates ARR by
taking the monthly recurring revenue (“MRR”) and multiplying it by
12. MRR is defined as the recurring revenue run-rate of
subscription agreements from all Enterprise customers for the last
month of the period, including revenue from monthly subscribers who
have not provided any indication that they intend to cancel their
subscriptions. Zoom then calculates the ARR from these Enterprise
customers as of the current period end (“Current Period ARR”),
which includes any upsells, contraction, and attrition. Zoom
divides the Current Period ARR by the Prior Period ARR to arrive at
the net dollar expansion rate. For the trailing 12 months
calculation, Zoom takes an average of the net dollar expansion rate
over the trailing 12 months.
Zoom calculates online average monthly churn by starting with
the Online customer MRR as of the beginning of the applicable
quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring
revenue run-rate of subscription agreements from all Online
customers except for subscriptions that Zoom recorded as churn in a
previous quarter based on the customers' earlier indication to us
of their intention to cancel that subscription. Zoom then
determines the MRR related to customers who canceled or downgraded
their subscription or notified us of that intention during the
applicable quarter (“Applicable Quarter MRR Churn”) and divides the
Applicable Quarter MRR Churn by the applicable quarter Entry MRR to
arrive at the MRR churn rate for Online Customers for the
applicable quarter. Zoom then divides that amount by three to
calculate the online average monthly churn.
Public Relations
Colleen RodriguezHead of Global Public
Relationspress@zoom.us
Investor Relations
Tom McCallumHead of Investor Relationsinvestors@zoom.us
|
Zoom Video Communications, Inc. |
Consolidated Balance Sheets |
(In thousands) |
|
|
|
As of January 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,558,252 |
|
|
$ |
1,086,830 |
|
Marketable securities |
|
|
5,404,233 |
|
|
|
4,325,836 |
|
Accounts receivable, net |
|
|
536,078 |
|
|
|
557,404 |
|
Deferred contract acquisition costs, current |
|
|
208,474 |
|
|
|
223,250 |
|
Prepaid expenses and other current assets |
|
|
219,182 |
|
|
|
163,092 |
|
Total current assets |
|
|
7,926,219 |
|
|
|
6,356,412 |
|
Deferred contract acquisition
costs, noncurrent |
|
|
138,724 |
|
|
|
179,991 |
|
Property and equipment,
net |
|
|
293,704 |
|
|
|
252,821 |
|
Operating lease right-of-use
assets |
|
|
58,975 |
|
|
|
80,906 |
|
Strategic investments |
|
|
409,222 |
|
|
|
398,992 |
|
Goodwill |
|
|
307,295 |
|
|
|
122,641 |
|
Deferred tax assets |
|
|
662,177 |
|
|
|
558,428 |
|
Other assets, noncurrent |
|
|
133,477 |
|
|
|
177,874 |
|
Total assets |
|
$ |
9,929,793 |
|
|
$ |
8,128,065 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,175 |
|
|
$ |
14,414 |
|
Accrued expenses and other current liabilities |
|
|
500,164 |
|
|
|
457,716 |
|
Deferred revenue, current |
|
|
1,251,848 |
|
|
|
1,266,514 |
|
Total current liabilities |
|
|
1,762,187 |
|
|
|
1,738,644 |
|
Deferred revenue,
noncurrent |
|
|
18,514 |
|
|
|
41,932 |
|
Operating lease liabilities,
noncurrent |
|
|
48,308 |
|
|
|
73,687 |
|
Other liabilities,
noncurrent |
|
|
81,378 |
|
|
|
67,195 |
|
Total liabilities |
|
|
1,910,387 |
|
|
|
1,921,458 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
307 |
|
|
|
294 |
|
Additional paid-in capital |
|
|
5,228,756 |
|
|
|
4,104,880 |
|
Accumulated other comprehensive income (loss) |
|
|
1,063 |
|
|
|
(50,385 |
) |
Retained earnings |
|
|
2,789,280 |
|
|
|
2,151,818 |
|
Total stockholders’
equity |
|
|
8,019,406 |
|
|
|
6,206,607 |
|
Total liabilities and
stockholders’ equity |
|
$ |
9,929,793 |
|
|
$ |
8,128,065 |
|
|
Note: The amount
of unbilled accounts receivable included within accounts
receivable, net on the consolidated balance sheets was $124.8
million and $91.6 million as of January 31, 2024 and 2023,
respectively. |
Zoom Video Communications, Inc. |
Consolidated Statements of Operations |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended January 31, |
|
Year Ended January 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
1,146,457 |
|
|
$ |
1,117,803 |
|
|
$ |
4,527,224 |
|
|
$ |
4,392,960 |
|
Cost of revenue |
|
|
276,307 |
|
|
|
294,354 |
|
|
|
1,077,801 |
|
|
|
1,100,451 |
|
Gross profit |
|
|
870,150 |
|
|
|
823,449 |
|
|
|
3,449,423 |
|
|
|
3,292,509 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
205,282 |
|
|
|
261,258 |
|
|
|
803,187 |
|
|
|
774,059 |
|
Sales and marketing |
|
|
371,052 |
|
|
|
505,586 |
|
|
|
1,541,307 |
|
|
|
1,696,590 |
|
General and administrative |
|
|
125,286 |
|
|
|
186,492 |
|
|
|
579,650 |
|
|
|
576,431 |
|
Total operating expenses |
|
|
701,620 |
|
|
|
953,336 |
|
|
|
2,924,144 |
|
|
|
3,047,080 |
|
Income (loss) from
operations |
|
|
168,530 |
|
|
|
(129,887 |
) |
|
|
525,279 |
|
|
|
245,429 |
|
Gains (losses) on strategic
investments, net |
|
|
101,296 |
|
|
|
40,443 |
|
|
|
109,770 |
|
|
|
(37,571 |
) |
Other income, net |
|
|
83,057 |
|
|
|
49,900 |
|
|
|
197,263 |
|
|
|
41,418 |
|
Income (loss) before provision
for income taxes |
|
|
352,883 |
|
|
|
(39,544 |
) |
|
|
832,312 |
|
|
|
249,276 |
|
Provision for income
taxes |
|
|
54,051 |
|
|
|
64,506 |
|
|
|
194,850 |
|
|
|
145,565 |
|
Net income (loss) |
|
|
298,832 |
|
|
|
(104,050 |
) |
|
|
637,462 |
|
|
|
103,711 |
|
Undistributed earnings
attributable to participating securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
Net income (loss) attributable
to common stockholders |
|
$ |
298,832 |
|
|
$ |
(104,050 |
) |
|
$ |
637,462 |
|
|
$ |
103,704 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.98 |
|
|
$ |
(0.36 |
) |
|
$ |
2.12 |
|
|
$ |
0.35 |
|
Diluted |
|
$ |
0.95 |
|
|
$ |
(0.36 |
) |
|
$ |
2.07 |
|
|
$ |
0.34 |
|
Weighted-average shares used
in computing net income per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
|
305,822,936 |
|
|
|
292,983,772 |
|
|
|
300,748,162 |
|
|
|
296,560,501 |
|
Diluted |
|
|
313,467,303 |
|
|
|
292,983,772 |
|
|
|
308,519,897 |
|
|
|
304,231,350 |
|
Zoom Video Communications, Inc. |
Consolidated Statements of Cash Flows |
(Unaudited, in thousands) |
|
|
|
Three Months Ended January 31, |
|
Year Ended January 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
298,832 |
|
|
$ |
(104,050 |
) |
|
$ |
637,462 |
|
|
$ |
103,711 |
|
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
254,373 |
|
|
|
518,059 |
|
|
|
1,057,161 |
|
|
|
1,285,752 |
|
Deferred income taxes |
|
|
(136,735 |
) |
|
|
(160,961 |
) |
|
|
(116,679 |
) |
|
|
(160,961 |
) |
Amortization of deferred contract acquisition costs |
|
|
66,793 |
|
|
|
72,742 |
|
|
|
270,701 |
|
|
|
259,368 |
|
(Gains) losses on strategic investments, net |
|
|
(101,296 |
) |
|
|
(40,443 |
) |
|
|
(109,770 |
) |
|
|
37,571 |
|
Depreciation and amortization |
|
|
27,272 |
|
|
|
24,400 |
|
|
|
104,451 |
|
|
|
82,321 |
|
Provision for accounts receivable allowances |
|
|
6,182 |
|
|
|
10,705 |
|
|
|
35,244 |
|
|
|
50,285 |
|
Unrealized foreign exchange losses (gains) |
|
|
(11,022 |
) |
|
|
(27,618 |
) |
|
|
12,259 |
|
|
|
13,266 |
|
Non-cash operating lease cost |
|
|
5,225 |
|
|
|
11,984 |
|
|
|
21,066 |
|
|
|
28,933 |
|
Amortization of discount/premium on marketable securities |
|
|
(17,463 |
) |
|
|
(2,950 |
) |
|
|
(50,770 |
) |
|
|
1,206 |
|
Other |
|
|
(2,419 |
) |
|
|
603 |
|
|
|
(7,670 |
) |
|
|
1,647 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(18,723 |
) |
|
|
6,175 |
|
|
|
53,270 |
|
|
|
(231,845 |
) |
Prepaid expenses and other assets |
|
|
53,208 |
|
|
|
145,655 |
|
|
|
(71,247 |
) |
|
|
(18,066 |
) |
Deferred contract acquisition costs |
|
|
(68,303 |
) |
|
|
(80,807 |
) |
|
|
(214,657 |
) |
|
|
(298,629 |
) |
Accounts payable |
|
|
(2,158 |
) |
|
|
(12,950 |
) |
|
|
(4,416 |
) |
|
|
11,611 |
|
Accrued expenses and other liabilities |
|
|
51,989 |
|
|
|
(95,861 |
) |
|
|
51,974 |
|
|
|
20,530 |
|
Deferred revenue |
|
|
(48,637 |
) |
|
|
(46,924 |
) |
|
|
(46,719 |
) |
|
|
127,401 |
|
Operating lease liabilities, net |
|
|
(5,893 |
) |
|
|
(6,171 |
) |
|
|
(22,824 |
) |
|
|
(23,839 |
) |
Net cash provided by operating activities |
|
|
351,225 |
|
|
|
211,588 |
|
|
|
1,598,836 |
|
|
|
1,290,262 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(1,120,371 |
) |
|
|
(922,072 |
) |
|
|
(4,083,968 |
) |
|
|
(2,849,121 |
) |
Maturities of marketable securities |
|
|
773,341 |
|
|
|
697,321 |
|
|
|
3,131,419 |
|
|
|
2,835,196 |
|
Sales of marketable securities |
|
|
1,191 |
|
|
|
— |
|
|
|
1,191 |
|
|
|
— |
|
Purchases of property and equipment |
|
|
(18,540 |
) |
|
|
(28,258 |
) |
|
|
(126,953 |
) |
|
|
(103,826 |
) |
Purchases of strategic investments |
|
|
(17,727 |
) |
|
|
(4,000 |
) |
|
|
(70,527 |
) |
|
|
(69,050 |
) |
Proceeds from strategic investments |
|
|
62,823 |
|
|
|
— |
|
|
|
170,067 |
|
|
|
300 |
|
Cash paid for acquisition, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
(204,918 |
) |
|
|
(120,553 |
) |
Purchases of intangible assets |
|
|
— |
|
|
|
(700 |
) |
|
|
— |
|
|
|
(11,268 |
) |
Net cash used in investing activities |
|
|
(319,283 |
) |
|
|
(257,709 |
) |
|
|
(1,183,689 |
) |
|
|
(318,322 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Cash paid for repurchases of common stock |
|
|
— |
|
|
|
(9,225 |
) |
|
|
— |
|
|
|
(1,000,003 |
) |
Proceeds from issuance of common stock for employee stock purchase
plan |
|
|
21,584 |
|
|
|
19,105 |
|
|
|
54,097 |
|
|
|
53,710 |
|
Proceeds from exercise of stock options |
|
|
1,859 |
|
|
|
1,762 |
|
|
|
10,195 |
|
|
|
8,577 |
|
Proceeds from employee equity transactions to be remitted
(remitted) to employees and tax authorities, net |
|
|
791 |
|
|
|
103 |
|
|
|
(4,106 |
) |
|
|
774 |
|
Net cash provided by (used in) financing activities |
|
|
24,234 |
|
|
|
11,745 |
|
|
|
60,186 |
|
|
|
(936,942 |
) |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
|
11,077 |
|
|
|
28,531 |
|
|
|
(10,196 |
) |
|
|
(8,108 |
) |
Net increase (decrease) in
cash, cash equivalents, and restricted cash |
|
|
67,253 |
|
|
|
(5,845 |
) |
|
|
465,137 |
|
|
|
26,890 |
|
Cash, cash equivalents, and
restricted cash—beginning of year |
|
|
1,498,127 |
|
|
|
1,106,088 |
|
|
|
1,100,243 |
|
|
|
1,073,353 |
|
Cash, cash equivalents, and
restricted cash—end of year |
|
$ |
1,565,380 |
|
|
$ |
1,100,243 |
|
|
$ |
1,565,380 |
|
|
$ |
1,100,243 |
|
Zoom Video Communications, Inc. |
Reconciliation of GAAP to Non-GAAP Measures |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended January 31, |
|
Year Ended January 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
GAAP income (loss) from
operations |
|
$ |
168,530 |
|
|
$ |
(129,887 |
) |
|
$ |
525,279 |
|
|
$ |
245,429 |
|
Add: |
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
262,754 |
|
|
|
520,951 |
|
|
|
1,076,212 |
|
|
|
1,301,663 |
|
Litigation settlements, net |
|
|
— |
|
|
|
— |
|
|
|
52,500 |
|
|
|
(4,226 |
) |
Acquisition-related expenses |
|
|
12,465 |
|
|
|
13,768 |
|
|
|
47,904 |
|
|
|
36,218 |
|
Restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
72,993 |
|
|
|
— |
|
Non-GAAP income from
operations |
|
$ |
443,749 |
|
|
$ |
404,832 |
|
|
$ |
1,774,888 |
|
|
$ |
1,579,084 |
|
GAAP operating margin |
|
|
14.7 |
% |
|
|
(11.6 |
)% |
|
|
11.6 |
% |
|
|
5.6 |
% |
Non-GAAP operating margin |
|
|
38.7 |
% |
|
|
36.2 |
% |
|
|
39.2 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
attributable to common stockholders |
|
$ |
298,832 |
|
|
$ |
(104,050 |
) |
|
$ |
637,462 |
|
|
$ |
103,704 |
|
Add: |
|
|
|
|
|
|
|
|
Stock-based compensation expense and related payroll taxes |
|
|
262,754 |
|
|
|
520,951 |
|
|
|
1,076,212 |
|
|
|
1,301,663 |
|
Litigation settlements, net |
|
|
— |
|
|
|
— |
|
|
|
52,500 |
|
|
|
(4,226 |
) |
(Gains) losses on strategic investments, net |
|
|
(101,296 |
) |
|
|
(40,443 |
) |
|
|
(109,770 |
) |
|
|
37,571 |
|
Acquisition-related expenses |
|
|
12,465 |
|
|
|
13,768 |
|
|
|
47,904 |
|
|
|
36,218 |
|
Restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
72,993 |
|
|
|
— |
|
Income tax benefits from discrete activities |
|
|
(8,272 |
) |
|
|
— |
|
|
|
(8,272 |
) |
|
|
— |
|
Undistributed earnings attributable to participating
securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
Tax effects on non-GAAP adjustments |
|
|
(20,512 |
) |
|
|
(23,672 |
) |
|
|
(161,006 |
) |
|
|
(145,926 |
) |
Non-GAAP net income |
|
$ |
443,971 |
|
|
$ |
366,554 |
|
|
$ |
1,608,023 |
|
|
$ |
1,329,011 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share -
basic and diluted: |
|
|
|
|
|
|
|
|
GAAP net income (loss) per share - basic |
|
$ |
0.98 |
|
|
$ |
(0.36 |
) |
|
$ |
2.12 |
|
|
$ |
0.35 |
|
Non-GAAP net income per share - basic |
|
$ |
1.45 |
|
|
$ |
1.25 |
|
|
$ |
5.35 |
|
|
$ |
4.48 |
|
GAAP net income (loss) per share - diluted |
|
$ |
0.95 |
|
|
$ |
(0.36 |
) |
|
$ |
2.07 |
|
|
$ |
0.34 |
|
Non-GAAP net income per share - diluted |
|
$ |
1.42 |
|
|
$ |
1.22 |
|
|
$ |
5.21 |
|
|
$ |
4.37 |
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP
weighted-average shares used to compute net income (loss) per share
- basic |
|
|
305,822,936 |
|
|
|
292,983,772 |
|
|
|
300,748,162 |
|
|
|
296,560,501 |
|
GAAP weighted-average shares
used to compute net income (loss) per share - diluted |
|
|
313,467,303 |
|
|
|
292,983,772 |
|
|
|
308,519,897 |
|
|
|
304,231,350 |
|
Non-GAAP weighted-average
shares used to compute net income per share - diluted |
|
|
313,467,303 |
|
|
|
301,143,279 |
|
|
|
308,519,897 |
|
|
|
304,231,350 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
351,225 |
|
|
$ |
211,588 |
|
|
$ |
1,598,836 |
|
|
$ |
1,290,262 |
|
Less: Purchases of property and equipment |
|
|
(18,540 |
) |
|
|
(28,258 |
) |
|
|
(126,953 |
) |
|
|
(103,826 |
) |
Free cash flow (non-GAAP) |
|
|
332,685 |
|
|
|
183,330 |
|
|
|
1,471,883 |
|
|
|
1,186,436 |
|
Net cash used in investing
activities |
|
$ |
(319,283 |
) |
|
$ |
(257,709 |
) |
|
$ |
(1,183,689 |
) |
|
$ |
(318,322 |
) |
Net cash provided by financing
activities |
|
$ |
24,234 |
|
|
$ |
11,745 |
|
|
$ |
60,186 |
|
|
$ |
(936,942 |
) |
Operating cash flow margin
(GAAP) |
|
|
30.6 |
% |
|
|
18.9 |
% |
|
|
35.3 |
% |
|
|
29.4 |
% |
Free cash flow margin
(non-GAAP) |
|
|
29.0 |
% |
|
|
16.4 |
% |
|
|
32.5 |
% |
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
Year Ended January 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
Revenue |
|
YoY Revenue Growth (%) |
|
Revenue |
|
YoY Revenue Growth (%) |
GAAP revenue |
|
|
1,146,457 |
|
|
|
2.6 |
% |
|
$ |
4,527,224 |
|
|
|
3.1 |
% |
Add: Constant currency impact |
|
|
1,473 |
|
|
|
0.1 |
% |
|
$ |
34,064 |
|
|
|
0.7 |
% |
Revenue in constant currency
(non-GAAP) |
|
$ |
1,147,930 |
|
|
|
2.7 |
% |
|
$ |
4,561,288 |
|
|
|
3.8 |
% |
Zoom Video Communications (NASDAQ:ZM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Zoom Video Communications (NASDAQ:ZM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024